Power Integrations Reports First-Quarter Financial Results

 
POWER INTEGRATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
       
Three Months Ended
March 31, 2017 December 31, 2016 March 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 14,099 $ 14,303 $ 10,379
Adjustments to reconcile net income to cash provided by operating activities
Depreciation 4,112 4,142 4,315
Amortization of intangible assets 1,612 1,612 1,792
Loss on disposal of property and equipment 38 116 78
Stock-based compensation expense 4,969 5,668 4,416
Amortization of premium on marketable securities 251 71 260
Deferred income taxes (1,105 ) (1,144 ) (81 )
Increase (decrease) in accounts receivable allowances - (96 ) 89
Change in operating assets and liabilities:
Accounts receivable (8,518 ) 6,347 (2,585 )
Inventories 1,415 (2,623 ) 6,269
Prepaid expenses and other assets (8,234 ) (448 ) (1,388 )
Accounts payable (2,377 ) (1,323 ) (1,840 )
Taxes payable and other accrued liabilities   (315 )   1,117     (1,413 )
Net cash provided by operating activities   5,947     27,742     20,291  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (6,403 ) (4,124 ) (2,095 )
Purchases of marketable securities (61,938 ) (66,256 ) (45,227 )
Proceeds from sales and maturities of marketable securities   46,340     8,295     38,531  
Net cash used in investing activities   (22,001 )   (62,085 )   (8,791 )
 
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock 4,392 4,387 2,957
Repurchase of common stock - - (6,085 )
Payments of dividends to stockholders   (4,137 )   (3,800 )   (3,729 )
Net cash provided by (used in) financing activities   255     587     (6,857 )
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (15,799 ) (33,756 ) 4,643
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   62,134     95,890     90,092  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 46,335   $ 62,134   $ 94,735  
 

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